We both went to my financial company and he had a cashiers check for the amount of the car. The cashiers check was a loan check so the title would transfer over to his bank. I got a phone call from my finance company and they left a message saying it was important regarding the check that my buyer had. I released liability on Sept. 2nd.
Now my question is would they come after me for any reason if the check was bad or if there was an issue with it even though the buyer was with me and personally signed the check over to my finance company, am I still liable for the car?
2006-09-23 15:37:54 · 9 answers · asked by Anonymous in Business & Finance ➔ Personal Finance
Thank you for all the answers but the thing is he paid with a loan cashiers check from his bank.
2006-09-23 16:20:33 · update #1
by the way i live in california
2006-09-23 16:22:45 · update #2
Also funds were verified by my finance company and that was when they told me it was a loan check. So the funds were there when the check was cashed. I wont be able to get a hold of the bank until monday, I'm just wondering what is the worst that this issue can possibly be.
2006-09-23 16:38:17 · update #3
But if the funds were in fact verified the check shouldnt be bad right?
2006-09-23 16:57:02 · update #4
If it was a Cashier's Check then only the bank that issue the check could actually default on the check.
There could be an issue with signing the check over to your finance company, and they may be needing some more paperwork from you.
If the check was a forgery, that could be an issue also. If you had full coverage insurance at the time of the transaction, then you'd still be OK, because then it would be theft through fraud, and your insurance company would be paying for it.
I would'nt worry greatly until you've talked to the finance company, I suspect it's something very minor, probably needing another signature from you.
2006-09-23 17:22:03 · answer #1 · answered by KansasDragon 5 · 0⤊ 0⤋
Yes they would try to come after you and no you may not be liable. Call them back and tell them a phone call isn't enough if they're trying to say the check is bad. Tell them you need a written notice right away. Take that notice to a lawyer. Cashier's cheques are ALWAYS good, if they are indeed valid checks. If your bank didn't verify it then they may be stuck holding the bag... I don't know specific law in this area, nor do I know where you live so I can research it. However, if this is what they claim then you need to talk to a lawyer IMMEDIATELY. Don't wait to be served process. Take a proactive approach.
2006-09-23 22:46:47 · answer #2 · answered by cyanne2ak 7 · 0⤊ 0⤋
You still have to pay for the loan on the car if you sold it. If he or someone else has the title you cannot be responsible for the car. Whoever has the signed title with your name stating that you want someone else to own the car now owns the car. Check with license branch for more info. Check with insurance company that you are not insuring car anymore. That car is his not yours anymore. You do not have the title anymore. Make sure the title was written correctly. Check with license branch and insurance company.
2006-09-23 22:47:04 · answer #3 · answered by Anonymous · 0⤊ 0⤋
A cashier's check --- unless it is counterfeit --- should be good as gold. That being said, if for some strange reason the check is NOT good, yes, you would still be liable for the original car loan.
2006-09-23 23:55:03 · answer #4 · answered by backinbowl 6 · 0⤊ 0⤋
If the check was bad, you will have to cover it. You may be able to void the title transfer and take the car back; check with a local attorney on that issue.
2006-09-23 23:27:21 · answer #5 · answered by Bostonian In MO 7 · 0⤊ 0⤋
theres something wrong here with tis first of all anybody waits for a ceck too clear a bank, then the actualyy title taxes tags and everything take effect here we are amazed some body dident sat hey wait here we wait until--- not until, then this check was cleared threw a bank first- then everything becomes legall, yes you are stil liable for that veichle until, some body can explain wheneverr or not that checked actually cleared and satsfied both parties in case they do come after you press charges immediatelly after who it was that might have-- written a ruber check if thats the case it dosent materr who he sihned the check over too they should waited too clear this check thrrew. even thou released liablity something is wrong with that check-- if your getting calls on itt, you are still liable for it stil, some body is odvioulsly tap dancing on the ceiling waiting for a supposeedd rubber check. yes they can come you and the buyer you were with hi im at the time/
2006-09-23 22:46:35 · answer #6 · answered by Anonymous · 0⤊ 1⤋
If the check is bad they probably will want you to pay for the car because that would negate the sale of the car. Call them as soon as possible.
2006-09-23 22:41:05 · answer #7 · answered by Justsyd 7 · 1⤊ 0⤋
nah like, i dont really understand, but if the cheque bounces or cant be cashed, ur finance company will still have title over the collateral. and youll still have to pay your installments, or give them the car
2006-09-23 22:43:28 · answer #8 · answered by ? 4 · 1⤊ 0⤋
I would definately call the bank back and check it out. You really don't want to mess up your credit.
2006-09-23 22:40:45 · answer #9 · answered by Angela D 3 · 1⤊ 1⤋